Question 1

Can I use 1099 income from multiple clients to qualify?

Accepted Answer

Yes, lenders combine all 1099 income sources if you can show 12+ months of history. Income from 3-4 steady clients often qualifies better than one inconsistent source.

Question 2

Do 1099 loans require higher interest rates than conventional?

Accepted Answer

Rates run 0.5-2% higher than conventional depending on credit and down payment. Strong profiles with 20% down and 720+ credit get pricing closest to agency rates.

Question 3

What if my 1099 income fluctuates seasonally?

Accepted Answer

Lenders average your income over 12-24 months to smooth seasonal variation. Consistent yearly totals matter more than month-to-month stability.

Question 4

Can I refinance with a 1099 loan in Concord?

Accepted Answer

Yes, both rate-term and cash-out refinances work with 1099 income. Cash-out is capped at 70-80% loan-to-value on most programs.

Question 5

How do lenders verify my 1099 income is legitimate?

Accepted Answer

They request your actual 1099 forms and cross-check against bank deposits. Some lenders contact clients directly to confirm ongoing contracts.

1099 Loans in Concord: Financing Built for Independent Contractors